The season of tax filing is coming. So, it is essential to know about the various forms you need to fill out. One of those forms is the W-2 Form. It is called “Wage and tax statement.” If you are in a job, you will receive this form. It reports the withheld income and other information for filing taxes. Employees use this form to prepare tax returns. So, here we will tell you about the W-2 form. Now, let’s get started.
What are the basic things you need to know about W-2 Form
First, we will cover the basic things about the W-2 Form. It is a form for employees to prepare their tax returns. Do not confuse this form with W-4. You will receive this form at the end of January. This form tells you how much you have earned given in the past year and how much amount got on withhold. When you get the form, you will have to fill out all this information.
What Is The Importance Of W-2 Form?
Well, in short, when there is a form from your employer about tax filing, it already becomes essential. This form withheld money for the income tax. The amount is then remitted for the whole year. You should know, The IRS needs to make periodic payments. But with this form, the employees take care of this for you. When you calculate the overall tax amount, you will get to know whether you will get a tax refund or you had to pay more.
How to file W-2 Form
There are two ways by which you can file the W2 Forms. The first is by mail. The second way is via online. If you are using tax software, then you can fill the form on it.
What information you will need
Now, comes the question. What is the info you will have to gather to fill out the form W-2? Here they are. The first is your employed ID number, then Business name, business address and business state tax ID number. You can check it with your state’s department of revenue (This is for the employer). For employees, it needs social security number, name and address. Then info about the income, wages if there are any social security tips or Medicare wages.
How Many Boxes Are There In The W2 Forms?
There are oral 19 boxes in the form which you will have to fill. Most of them are about wages and their distribution. So, this was everything W-2 Form. We are sure; when you get this form, you will quickly fill it out. If you have any questions, mail us, we will be happy to answer them.